Investment in Unconsolidated Affiliates

12 Months Ended

Dec. 25, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

Tecumseh

The Company owns a 50 percent interest in an unconsolidated affiliate that acquired Tecumseh.  The Company also owns a 50 percent interest in a second unconsolidated affiliate that provides financing to Tecumseh.  Tecumseh is a global manufacturer of hermetically sealed compressors for residential and specialty air conditioning, household refrigerators and freezers, and commercial refrigeration applications, including air conditioning and refrigeration compressors, as well as condensing units, heat pumps, and complete refrigeration systems.

The following tables present summarized financial information derived from the Company’s equity method investees’ combined consolidated financial statements, which are prepared in accordance with U.S. GAAP.

(In thousands)	2021		2020
Current assets	$	214,550	$	167,451
Noncurrent assets	76,406		78,241
Current liabilities	169,155		120,202
Noncurrent liabilities	46,059		50,020
Net sales	$	452,917	$	384,919
Gross profit	57,028		50,347
Net loss	(3,330)		(20,892)

The Company’s loss from unconsolidated affiliates, net of foreign tax, for 2021 and 2020 included net losses of $1.7 million and $10.4 million, respectively, for Tecumseh.

Retail Distribution

On September 2, 2021, the Company acquired a 17 percent noncontrolling equity interest in a limited liability company in the retail distribution business by contributing the outstanding common stock of Die-Mold in exchange for the equity method interest.

The Company’s loss from unconsolidated affiliates, net of foreign tax, for 2021 included net gains of $0.8 million for the retail distribution business.